(Alliance News) - Packaging and automation services firm Mpac Group PLC on Thursday swung to an interim profit following strong revenue growth.
Mpac's revenue for the six months to June rose 62% to GBP45.8 million, helping Mpac to post pretax profit of GBP2.9 million, after a loss of GBP600,000 the year before.
Revenue was helped by the GBP16.8 million purchase of Lambert Automation in May. Mpac confirmed Thursday it is looking at further acquisitions.
Mpac said order intake for the year was 54% up year-on-year, while the order book at June 30 was broadly similar to the year before like-for-like.
Both business, Original Equipment and Service, did well during the year, Mpac said.
Chief Executive Tony Steels said: "I am really pleased with the results for the first half of the year which demonstrate the value of the strategic objectives we have been working hard to implement.
"The recent acquisition of Lambert is progressing to plan and has been well received by our current customers and potential new customers, increasing our prospects to provide full turnkey solutions. We remain focused on continuing to deliver on our strategic objectives supported by sound business fundamentals and growth markets."
Mpac is not paying a dividend for the period, the same as the year before, but will consider a policy when it feels "it is prudent to do so".
"General market uncertainty has increased with global fast-moving consumer goods companies under pressure to eliminate plastic in consumer products leading to investment delays whilst they develop new solutions. Order intake is also variable and sensitive to geo-political events and recent signs of slowing growth resulting in delayed investment decisions," said Mpac.
"Overall progress in the development of the group's business is expected to continue and the board believes that short term prospects remain positive."
Shares were 6.7% higher on Thursday morning at a price of 215.00 pence each.
Mpac Group Plc (MPAC)